Silver Prices Recover Slight Portion of Prior Week Losses

Silver enjoyed weekly gains, albeit slight, following last week’s trouncing when the metal lost more than 5%, breaking a four-week winning streak and falling from 2009 highs.

New York silver futures for December delivery closed Friday at $16.23 an ounce, rising 17 cents, or 1.1% for the week.

London silver, which is set earlier on North American business mornings, rose a penny, or 0.1% to $16.21 an ounce.

"Metals investors are focusing on the trends in the dollar, which is being used as a gauge for risk appetite, but the dollar’s upside is fairly limited, and that will in turn keep the metals markets supported," Tom Pawlicki, precious metals and energy analyst at MF Global, was quoted on Reuters.

For the year, London silver is up $5.42, or 50.2%, from the $10.79 closing price on Dec. 31, 2008. It reached a 2009 high of $17.38 on Sept. 17.

London precious metal weekly prices follow:

London Fix Precious Metal Prices
	Gold		Silver	Platinum		Palladium
	AM	PM		AM	PM	AM	PM
9/25/2009	997.00	991.50	16.20	1295.00	1281.00	295.00	293.00
10/2/2009	998.00	1003.50	16.21	1275.00	1269.00	291.00	292.00

 

Dollar and Percent Price Changes
	Up	Down	% Change	$ Change
Silver	X		0.1%	$0.01
Gold	X		1.2%	$12.00
Platinum		X	-0.9%	-$12.00
Palladium		X	-0.3%	-$1.00

 

These articles offer precious metals and silver coin news:

• Bullion & Business Weekend Report – CoinNews
  Precious metals were mixed with mostly narrow weekly movement as the metals followed the ups and downs of the US dollar. In London, gold gained $12 on the week while platinum lost $12. Silver shifted a penny higher. New York oil futures turned lower on Friday but still surged 5.7 percent for the week. US stocks marked their second weekly decline. European stocks fell as well …

• Gold ends higher atop $1,000 as dollar falls vs. euro – MarketWatch
  Gold futures erased losses Friday, ending back above $1,000 an ounce as the U.S. dollar weakened against the euro, boosting the metal’s appeal as an alternative investment. The …

• Gold Declines as Stronger Dollar, Lower Oil Prices Curb Demand – Bloomberg
  Gold dropped in New York and London as the dollar strengthened to a three-week high against the euro and oil prices slid, curbing demand for the metal as an alternative …

• A Fundamental Question. Or Two. Or Three. – Jon Nadler, Kitco
  Gold relinquished the $1,000 level in the hours prior to yesterday afternoon’s final tick, but it was a slow, stubborn retreat. Such action persisted during the nighttime hours, fueled by additional …

• US Mint Sales: Bullion Eagles Set Sept. Records, Presidential Dollars Soar – CoinNews
  Bullion American Eagle Gold and Silver Coins ended September in shining fashion, but recent demand has mostly weakened for collector proof and uncirculated coins. That is, except for uncirculated 2009 Presidential Dollar Sets. Their sales inexplicably blasted off like a rocket. These and more …

• First Spouse Coin Sales, Gold Coins Cheaper – First Spouse Coins
  US Mint First Spouse Gold Coin sales retreated ever so slightly compared to the last reading reported on September 23. Gold coin prices went up Wednesday, the 23rd, which might have effected sales, especially since the spot price of gold started to decline …

• Silver Proof Sets Pass 500K in Sales, Silver Eagle Coins Top 20M – Silver Coins Today
  Collector demand for silver coins and sets pulled back slightly but investor demand for bullion American Silver Eagle Coins has surged, according to the latest round of US Mint sales figures. Bullion Silver Eagles picked up …

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